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I didn't fully understand that last year, and some people around me didn't fully understand it." "…there's a lot of churn, as you said, Mohit, underneath that. "Look, when I came to this company, I didn't know anything about osteoporosis, really." Wells Fargo Fireside Chat (March 11, 2022) ".I joined the company, and I can't explain the dynamics, frankly, whatsoever." By his own admission, CEO Martin confirms our view that the Board has lacked effective oversight of the management team:ĤQ 2020 Earnings Call (February 25, 2021) We believe the Board of Radius has utterly failed in this regard. One of a board's most important fiduciary responsibilities is to put the most qualified individuals in place as managers to execute a strategy and maximize stockholder value. Poor Corporate Governance and Lack of Effective Corporate Oversight This raises an obvious question: why should you continue to trust a Board that has overseen a precipitous decline in share price while remaining largely insulated from the pain we as stockholders have felt? What is even more astonishing is that Mr.
REPERTOIRE PARTNERS SKIN
We view the Board as having no skin in the game given the lack of direct stock ownership through open market buying. Excluding options and performance units, the Board collectively owns ~0.2% of the Company. Kelly Martin, has minimal alignment with stockholders. Martin assumed CEO role April 28, 2020.Īdding insult to injury is the fact that the Board, including President & Chief Executive Officer G. Source: Bloomberg, calculated as of Ma(representing the unaffected price on the day we filed our initial Schedule 13D). Radius has underperformed over nearly every relevant measurable period since becoming public on both an absolute basis and when compared to relevant indices and the broader market. In weighing your decision, we ask that you consider the following:ĭismal Share Price Performance & Lack of Alignment with Stockholders We are therefore asking for your vote to elect our highly qualified director nominees – Eric Ende, Cynthia Flowers and Ann MacDougall – to the Board at the upcoming 2022 Annual Meeting of Stockholders (the "Annual Meeting").
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As a result, we believe the current directors have failed to act in the best interest of stockholders and new perspectives are urgently needed in the boardroom. The Board has fostered a culture characterized by dismal performance, poor corporate governance, entrenchment tactics and a failure to properly oversee management's strategy and execution.
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Unfortunately, we believe the time for placing faith in the Radius Board has passed. It is a methodology that has served us well while working with numerous companies, both public and private, to successfully maximize stockholder value.
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Our approach as long-term investors in the healthcare sector is to trust boards and management teams until they have given us a compelling reason not to. Since 2020, we have engaged extensively with the Company. We believe real and urgent change is needed to realize Radius' intrinsic value and bridge the gap between the Company's potential and its current share price. This is what appears to have taken place at Radius, a company that we believe has tremendous upside potential. As experienced healthcare investors, we can recognize when a lack of board oversight and alignment with stockholders has resulted in glaring mismanagement. We are highly concerned by the significant destruction of value that has occurred under the watch of the current Board of Directors of Radius (the "Board"). Velan-Repertoire also launched a website,, which contains important stockholder materials in connection with its campaign, including its definitive proxy statement for the Annual Meeting and instructions for contacting its proxy solicitor, Okapi Partners. Velan-Repertoire also announced that it has mailed a letter to fellow Radius stockholders detailing the Board's troubling track record of value destruction and calling on Radius stockholders to send a strong message to the Board at the upcoming Annual Meeting to be held on Jthat meaningful change is immediately required. ("Radius" or the "Company") RDUS, with beneficial ownership of approximately 7.7% of the outstanding shares and economic exposure to approximately 10.1% of the outstanding shares, announced today that it has filed definitive proxy materials in connection with its nomination of Eric Ende, Cynthia Flowers and Ann MacDougall to the Radius Board of Directors (the "Board") at the Company's 2022 Annual Meeting of Stockholders (the "Annual Meeting"). Velan Capital Investment Management LP and Repertoire Partners LP (together with the other participants in their solicitation, "Velan-Repertoire" or "we"), collectively one of the largest stockholders of Radius Health, Inc.